KKR Real Estate Finance closes two senior loans totaling $379M

Jun. 20, 2018 7:40 AM ETKKR Real Estate Finance Trust Inc. (KREF)By: Liz Kiesche, SA News Editor
  • KKR Real Estate Finance Trust (NYSE:KREF) closes two floating-rate senior loan transactions totaling $378.7M since its Q1 conference call in May.
  • YTD, KREF has originated eight senior loans for a total of $1.14B, resulting in a $3.0B portfolio.
  • In May, KREF closed a $213.7M floating-rate senior loan secured by a 474,000-square-foot, class-B+ office building in Boston; loan has a three-year initial term with two one-year extension options, carres a coupon of LIBOR + 2.40% and has appraised loan-to-value of about 69%.
  • In June, KREF closed a $165M floating-rate senior loan secured by 974,000-square-foot, class-B+ office buildings in Philadelphia; loan has a two-year initial term with three one-year extension options, carries a coupon of LIBOR + 2.45% and has LTV of about 71%
  • Weighted average underwritten IRR of the two loans is 10.6%
  • Total originations for last 12 months ended June 19, 2018 is $2.1B of senior loans, a 109% increase over the year-earlier period.
  • Source: Press Release
  • Previously: KKR and Parkway announce acquisition of 1111 Brickell in Miami (June 15)

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